The “Tools At Hand” Fail To Get The Job Done: The Court Of Chancery Denies Request Of Hedge Fund To Inspect Books And Records

Law360, New York (November 30, 2006, 12:00 AM EST) -- The right of stockholders to inspect the books and records of a corporation upon the showing of a proper purpose is a longstanding right recognized in Delaware law, codified and expanded in the 1967 revision of the General Corporation Law of the State of Delaware in Section 220 (Section 220).

Among the proper purposes for seeking inspection of books and records (other than the company’s stock list) are to value the stockholder’s equity holdings, to investigate the independence of directors, to test the veracity of the...
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